- IPO to comprise fresh issue of an aggregate of 10 million equity shares of the face value of Rs. 5 each in a price band of Rs 270 - Rs 315 per share

- Listing on The Stock Exchange, Mumbai and National Stock Exchange of India Ltd.; 10% of enhanced equity to be offered in the IPO

- DSP Merrill Lynch Ltd. and Kotak Mahindra Capital Company Ltd. are the Book Running Lead Managers to the Issue with HSBC Securities & Capital Markets (India) Pvt. Ltd. being the Co-Book Running Lead Manager to the Issue. Financial Advisors to the Company are Allegro Capital Advisors Pvt. Ltd.

Biocon Ltd., India's largest biotechnology company, is entering the capital markets with its Initial Public Offering (IPO). The Company has opted for the 100% book building method for efficient price discovery. The price band has been fixed at Rs 270 - Rs 315 per equity share of face value of Rs 5. The issue will open on Thursday, March 11, 2004 and close on Thursday, March 18, 2004.

The Offer would constitute 10% of the fully diluted post issue paid up capital of the Company. Biocon will list the equity shares on the Stock Exchange, Mumbai and National Stock Exchange of India Ltd. The post-issue paid-up capital of Biocon will be Rs 1 billion.

Commenting on the IPO, Kiran Mazumdar-Shaw, Chairman and Managing Director, Biocon said, "We look forward to widespread participation in our IPO, which will give us the chance to widen our investor base. We intend to utilize the proceeds of the public offering for enhancing our fermentation and chemical synthesis capacity and skills in order to effectively meet the growing demand for biopharmaceutical products such as statins. Currently, we supply our biopharmaceutical products to several of the largest generic formulators in North America and Europe."

DSP Merrill Lynch Ltd. and Kotak Mahindra Capital Company Ltd. are the Book Running Lead Managers with HSBC Securities & Capital Markets (India) Pvt. Ltd. being the Co-Book Running Lead Manager. Allegro Capital Advisors Pvt. Ltd. is the Financial Advisor to the Company.

ABOUT BIOCON

Established in 1978, Biocon Ltd. is India's largest biotechnology company. Biocon and its two subsidiary companies, Syngene International Pvt. Ltd. and Clinigene International Pvt. Ltd. form a fully integrated biotechnology enterprise, specialising in biopharmaceuticals, custom research, clinical research and enzymes. Visit us at www.biocon.com

For details of the risk factors, please refer to the Red Herring Prospectus.

This is not an offer of securities for sale in the United States. Securities of Biocon Limited may not be offered or sold in the United States absent registration or an exemption from registration. Any securities to be offered in Biocon's IPO have not been and will not be registered under the U.S. Securities Act of 1933.